"I don't think there is a single sacred cow you haven't kicked," said Illinois' Democratic Senator Paul Douglas to Harvard Professor Sumner H. Slichter last week. Belligerent, grey-haired Economist Slichter's cow-kicking had thoroughly be-dazed Douglas' Joint Congressional Economic Committee at the start of its large-scale inquiry into how to achieve economic growth without inflation.
Committee Democrats squirmed at Slichter's blunt insistence that the main cause of present-day creeping inflation is labor-union pressure for wage increases. Republicans winced at his equally blunt plea for a $3 billion deficit in the fiscal year ahead to stimulate the economy and shrink unemployment. Trying...
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